Cockfosters Head Office
- 1 Cockfosters Parade, EN4 0BX
- 020 8441 1556
- law@pwjsolicitors.co.uk
East Barnet Office
- 59 Church Hill Road, EN4 8SY
- 020 8441 1556
- law@pwjsolicitors.co.uk
Our fees are calculated in accordance with the time spent on the matter and the value of the estate in accordance with our general charging rates.
We have listed two different potential estate models with costs, to provide a context into which you can place your own estate circumstances. Please do contact us directly with the details of your estate and we can provide an estimate of costs based on the particular circumstances involved:
Dorothy has recently passed away with two accounts held with her local high street bank, two ISA’s held with a local building society, premium bonds and one 65+ NS&I bond. She owned a freehold property in her sole name, worth under £500,000, and the combined value of all her assets which will be sold or disposed of in any one tax year is less than £500,000. Dorothy has left all to be divided equally between her two adult children. No IHT charge is made based on the value of the estate in this instance.
We would anticipate that the legal work involved in the administration of Dorothy’s estate would take between 8 and 10 hours to achieve Grant of Probate, and a further 5 to 10 hours post Grant unless work is required on income tax matters. The cost of this time would be between £3,575 and £6,000+VAT, plus disbursements (please see below). The mark-up would be based on the Law Society’s recommended rates of 0.5% on the gross value of the property in the estate and 0.875% on the gross value of the rest of the estate. If the property were worth £350,000, and the other assets £150,000, then this would equate to £3,062.50+VAT
Disbursements would apply, as below.
Jeremy has recently passed away, leaving legacies to various family members and charities, with the residue of his estate passing to his surviving spouse/civil partner. Jeremy held accounts with four different high street banks, some joint and some sole ISAs with two building societies, NS&I 65+ bonds and premium bonds, a life insurance policy and five different sets of shares in five different FTSE companies. He jointly owned a large, freehold property worth £800,000, his share being worth £400,000. The estate value, including the property, is £750,000. In light of the size and complexity of the estate, a mark-up is applied according to Law Society rules.
We would anticipate that the legal work involved in the administration of Jeremy’s estate would take between 12 and 25 hours to achieve Grant of Probate, depending on the complexity of the shareholdings involved, with a further 10 to 12 hours post grant, including the registration of the estate with HMRC and the submission of an income tax return for the period of administration. The cost would therefore be estimated at between £6,000 and £11,000+VAT, plus disbursements.
The mark-up on the estate would be based on the Law Society’s recommended rates of 0.5% on the gross value of the property in the estate and 0.875% on the gross value of the rest of the estate, which equates to £5,062.50+VAT.
The exact cost will depend on both the individual circumstances of the matter and the seniority of the solicitor acting, as per our charging rates above.
Likely disbursements include:
Disbursements are costs related to your matter that are payable to third parties, such as court fees. We handle the payment of the disbursements on your behalf to ensure a smoother process. Where we are required to charge VAT on disbursements due to advising on these, this will be added.
On average, estates that fall within this range are dealt with within 8 to 18 months. Typically, HMRC take 12- 16 weeks to process an IHT400 tax account, and the Probate Court take 16 weeks to process a Grant of Probate application. This means that, on a taxable account or one where a full IHT400 is required due to multiple allowances or high value, obtaining the grant of probate takes 28 to 32 weeks. Collecting assets then follows, which can take between 4 to 12 weeks. Sale of shares and land may take longer. Once this has been done, we can distribute the assets, which normally takes 4 to 12 weeks. Finalisation of the tax position takes a further period, depending on the complexity of the estate and tax accounting required.
Please note that, during lockdowns in 2020 and 2021, the lead-times for both HMRC and the Probate court increased significantly, and we will update you on current timescales at the time of your matter.
We aim to be as transparent as possible about how we calculate your legal costs.